Minneapolis Chapter 7 Bankruptcy Timeline

If you are overwhelmed by debt, Chapter 7 bankruptcy may be an effective way to regain control. Our law office has more than 40 years of experience and seven convenient locations across Minnesota where a talented Chapter 7 bankruptcy attorney could answer your questions about bankruptcy, how it works, and how long it takes. Here is a clear overview of the Minneapolis Chapter 7 Bankruptcy timeline and what steps to expect.

Step 1: How Long Does it Take?

The first step in the process of applying for Chapter 7 bankruptcy in Minneapolis is consulting with a bankruptcy attorney. They can advise you whether you qualify, explain your options, and identify the paperwork you need to gather. The consultation involves reviewing your income, expenses, debts, and assets, and discussing whether Chapter 7 is the best solution.

Most people qualify for Chapter 7, but some may need to file Chapter 13 instead. Filing the right bankruptcy chapter is essential. 

Step 2: Preparing and Filing Your Petition

The next step in the Chapter 7 bankruptcy timeline involves gathering documents relevant to processes in Minneapolis.  Our team can guide you through collecting everything you need, making the process easier and more efficient. This step typically takes only one to two weeks.

The documents you need to submit include:

• Pay stubs and tax returns
• Bank statements
• A list of debts and assets

Once your petition is prepared, you review and sign it, then we file it with the appropriate Court. The moment we file, you are protected by the automatic stay. This is a benefit of filing that stops all collection efforts, including calls, garnishments, repossessions, and lawsuits.

Step 3: Meeting of Creditors (30-40 Days After Filing)

Typically, around one month after filing for Chapter 7 bankruptcy, you will attend a brief hearing in Minneapolis called the “341 meeting.” This meeting is conducted over Zoom, you will be sworn in and asked to answer basic questions from the trustee. The meeting usually lasts under ten minutes, after which your case moves toward discharge. 

Step 4: Financial Education Course

Before your debt can be wiped out, you must complete a second credit counseling course. In Minneapolis, this required part of the Chapter 7 timeline can be done online or by phone. We provide you with a list of approved providers for this short and inexpensive course and ensure you get it completed on time.

Step 5: Debt Discharge (About 60-90 Days After Filing)

Typically, two to three months after filing, you will receive your discharge order. This is the moment when your qualified debts are legally eliminated. 

Debt discharge provides you with a fresh start, free from most unsecured debts. Eligible debts that could be wiped out include credit cards, personal loans, and medical bills. With your Minneapolis Chapter 7 bankruptcy complete, you can finally breathe easier and start working toward your financial future.

Step 6: Rebuilding Credit and Taking Back Control

Many people in Minneapolis are concerned about their financial future after completing the Chapter 7 bankruptcy process. Rebuilding credit is entirely achievable after bankruptcy.  Our team can help by providing guidance on smart borrowing and practical tips to improve your credit over time. We also connect clients who have experienced illegal debt collection or inaccurate credit reporting with trusted partners who can help pursue a settlement or correct credit reporting errors.

Call a Bankruptcy Lawyer in Minneapolis Today To Discuss the Chapter 7 Process

At Walker & Walker Law Offices PLLC, our attorneys are here to help you through every step of the Minneapolis Chapter 7 Bankruptcy Timeline. Schedule your free consultation today to discuss your legal options.